Alchemy-ABR Investment Partners, a fully integrated New York based real estate development and investment firm, have closed on a development site at 18 NW 23rd Street in Wynwood for $18 million. The property spans 36,079 SF and the acquisition represents Alchemy's first residential project in Florida. Israel Discount Bank provided financing for Alchemy-ABR Investment Partners to purchase the vacant lot from The Salvation Army, which is located across the street from The Salvation Army Family Store and Donation Center’s Wynwood location.

The mixed-use site will be developed into a 12-story luxury residential building with 186 units, multiple retail spaces, and a parking garage. Local architects Arquitectonica and MKDA have been commissioned to design the building with construction commencing in 2024.

“We are thrilled to announce that 18 NW 23rd Street will be our first residential development in Miami, Florida. Alchemy-ABR has a strong presence in the commercial real estate market in South Florida and we are looking forward to bringing our years of real estate expertise to the residential market, which is currently facing great demand. We are looking to design and build a best-in-class mixed use project that will add to the fabric of one of the most dynamic walkable neighborhoods in the Southeast,” said Joel Breitkopf, Co-Founder & Partner of Alchemy-ABR Investment Partners and Brian Ray, Co-Founder & Managing Partner of Alchemy-ABR Investment Partners in a joint statement.